BKSAE

Why? Powertrain is Mercury and I've never had a warranty issue after owning 4 of them.

hooky40

While this could be bad for everyone who already owns a Fountain, it could also be a great opportunity for those looking to buy a Fountain. Back before summer got underway, Magic Powerboats filed for chapter 11 also. They did not emerge from chapter 11 with a viable plan, so there inventory of hulls (no motors) was sent to a liquidator and they were let go (and still are liquidating them www.LBYS.com) on the cheap. My brother and I picked up a brand new 28' ft deckboat hull for $36,000. After fitting it with a 525 EFI and XR drive, the total came out to just about $80-85k with carpet kit and bimini. If things go right/wrong for Fountain, the same kind of deals can/might be able to be had. Now, Magic has been purchased by Cougar and they are nearing there re-entry into the business, if not already back.
While I know it sounds bad to current Fountain owners, it might be good news to some others out there....

I'm just sayin...

carcrash

I doubt that Fountain will be liquidated. Its not a trivial operation like, say, Magic. Its been building 500 boats a year for a long time. There isn't much debt, surprisingly, and there are a lot of real assets. Probably "just" ran out of cash.

11 allows continuing operations while holding off creditors. Might be enough to make it to the Miami Boat Show.

502ss

iTrader: (3)

I wonder how cigarette is doing?

TEAMBAJA

How much time does a chapter 11 buy them? Im not sure how it all works.

Smitty

iTrader: (1)

My guess is they filed for protection while they restructure some things and get leaner than ever. Fountain will not go away.

Strip Poker 388

iTrader: (6)

while under 11, they reorganize there dept, kinda like putting on hold,they will still owe the Dept's, it will be rationed out .If it goes to 7 your pretty much screwed,then ya try to get the judge to abandon it so you can atlest get something.

I really believe that they can pull tru.I bet Reggie want give up.Best of luck to them'
Rob

Audiofn

According to one artical their assets were only 50K and their Liabilities are between 10 and 50 million. That is not a good balance sheet no matter how you cut it.

Dirtybyrd

I hope the scum bag "reggie" goes broke.......anyone who will undercut their dealers with new purchases is a chump in my book.........

offshoredrillin

COD only from now on for them Marc.